Bitfarms (NASDAQ:BITF) Shares Gap Up – Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $2.17, but opened at $2.27. Bitfarms shares last traded at $2.14, with a volume of 11,829,994 shares trading hands.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Performance

The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock’s 50 day moving average price is $2.06 and its two-hundred day moving average price is $2.24. The firm has a market capitalization of $942.09 million, a PE ratio of -5.58 and a beta of 3.64.

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently bought and sold shares of the company. HighTower Advisors LLC purchased a new stake in Bitfarms in the 3rd quarter worth approximately $25,000. Lifeworks Advisors LLC purchased a new stake in Bitfarms in the 3rd quarter worth approximately $37,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms in the 2nd quarter valued at $38,000. Shell Asset Management Co. acquired a new position in shares of Bitfarms in the 1st quarter valued at $43,000. Finally, Chesapeake Capital Corp IL boosted its holdings in shares of Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

About Bitfarms

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.